Latest Ratios: P/E Ratio 35.5x · EV/EBITDA 17.5x · ROE 16.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $3.8B | $3.8B | $3.0B | $1.9B | $2.0B | $922M | $1.4B | $1.9B | $2.5B | $3.4B |
| Enterprise Value | $5.7B | $5.5B | $5.3B | $4.5B | $3.2B | $3.3B | $2.5B | $3.0B | $3.6B | $4.3B | $5.1B |
| P/E Ratio → | 35.46 | 33.71 | 38.78 | 30.13 | 23.30 | 241.00 | — | 15.84 | 44.93 | 37.34 | 17.80 |
| P/S Ratio | 6.94 | 6.57 | 7.21 | 6.36 | 4.28 | 4.61 | 2.37 | 2.86 | 3.81 | 5.13 | 7.32 |
| P/B Ratio | 5.47 | 5.20 | 5.58 | 4.99 | 3.69 | 3.93 | 2.57 | 3.00 | 3.73 | 4.09 | 4.84 |
| P/FCF | 13.66 | 12.94 | 24.24 | 13.49 | 11.37 | 11.44 | 6.75 | 7.58 | 9.36 | 13.27 | 18.89 |
| P/OCF | 13.66 | 12.94 | 14.34 | 12.86 | 8.86 | 9.03 | 5.60 | 6.20 | 7.30 | 9.90 | 14.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.45 | 9.98 | 9.62 | 7.23 | 7.72 | 6.40 | 6.30 | 7.26 | 8.73 | 10.92 |
| EV / EBITDA | 17.48 | 16.83 | 18.15 | 18.40 | 14.08 | 14.96 | 17.54 | 7.72 | 8.35 | 8.74 | 10.92 |
| EV / EBIT | 32.52 | 29.64 | 32.14 | 29.42 | 24.09 | 52.72 | 99.31 | 19.34 | 32.53 | 31.19 | 19.20 |
| EV / FCF | — | 18.60 | 33.58 | 20.41 | 19.20 | 19.16 | 18.25 | 16.70 | 17.81 | 22.58 | 28.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.7% | 69.7% | 69.8% | 68.7% | 67.5% | 67.0% | 64.8% | 67.0% | 67.6% | 68.2% | 67.4% |
| Operating Margin | 30.2% | 30.2% | 28.6% | 28.8% | 26.0% | 25.8% | — | 58.3% | 18.9% | 32.9% | 32.5% |
| Net Profit Margin | 19.7% | 19.7% | 18.7% | 21.3% | 18.5% | 2.1% | -9.3% | 18.4% | 8.8% | 13.9% | 41.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.2% | 16.2% | 15.5% | 17.9% | 16.2% | 2.1% | -8.9% | 18.3% | 7.8% | 10.3% | 29.5% |
| ROA | 4.6% | 4.6% | 4.2% | 4.4% | 3.8% | 0.4% | -1.6% | 3.8% | 1.8% | 2.7% | 8.0% |
| ROIC | 5.8% | 5.8% | 5.3% | 5.1% | 4.7% | 4.4% | — | 9.7% | 3.1% | 5.1% | 5.0% |
| ROCE | 7.4% | 7.4% | 6.7% | 6.2% | 5.5% | 5.3% | — | 12.8% | 4.2% | 6.9% | 6.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.30 | 2.30 | 2.22 | 2.58 | 2.95 | 2.97 | 4.62 | 3.64 | 3.39 | 2.88 | 2.39 |
| Debt / EBITDA | 5.17 | 5.17 | 5.21 | 6.28 | 6.67 | 6.76 | 11.65 | 4.26 | 3.98 | 3.62 | 3.62 |
| Net Debt / Equity | — | 2.27 | 2.15 | 2.56 | 2.54 | 2.65 | 4.38 | 3.61 | 3.37 | 2.87 | 2.38 |
| Net Debt / EBITDA | 5.12 | 5.12 | 5.05 | 6.23 | 5.74 | 6.02 | 11.06 | 4.22 | 3.96 | 3.60 | 3.60 |
| Debt / FCF | — | 5.65 | 9.34 | 6.91 | 7.83 | 7.71 | 11.50 | 9.12 | 8.45 | 9.31 | 9.28 |
| Interest Coverage | 2.81 | 2.81 | 2.69 | 3.17 | 2.83 | 1.18 | 0.40 | 2.52 | 1.70 | 2.11 | 4.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.30 | 0.30 | 0.44 | 0.17 | 2.53 | 1.73 | 0.96 | 0.21 | 0.48 | 0.34 | 0.70 |
| Quick Ratio | 0.30 | 0.30 | 0.44 | 0.17 | 2.53 | 1.73 | 0.96 | 0.21 | 0.50 | 0.36 | 0.73 |
| Cash Ratio | 0.10 | 0.10 | 0.44 | 0.17 | 2.53 | 1.73 | 0.96 | 0.21 | 0.04 | 0.02 | 0.09 |
| Asset Turnover | — | 0.22 | 0.22 | 0.20 | 0.20 | 0.20 | 0.18 | 0.21 | 0.21 | 0.19 | 0.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 3.5% | 3.2% | 3.5% | 4.4% | 3.7% | 7.2% | 9.7% | 7.0% | 5.2% | 4.1% |
| Payout Ratio | 115.2% | 115.2% | — | 104.7% | 102.6% | 794.3% | — | 151.0% | 300.6% | 191.4% | 72.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.0% | 2.6% | 3.3% | 4.3% | 0.4% | — | 6.3% | 2.2% | 2.7% | 5.6% |
| FCF Yield | 7.3% | 7.7% | 4.1% | 7.4% | 8.8% | 8.7% | 14.8% | 13.2% | 10.7% | 7.5% | 5.3% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.1% | 1.5% | 1.1% | 2.0% | 0.1% |
| Total Shareholder Yield | 3.3% | 3.5% | 3.2% | 3.5% | 4.7% | 3.7% | 7.3% | 11.2% | 8.0% | 7.2% | 4.2% |
| Shares Outstanding | — | $115M | $111M | $107M | $106M | $102M | $93M | $93M | $93M | $95M | $95M |
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Quick answers to the most common questions about buying SKT stock.
Tanger Inc.'s current P/E ratio is 35.5x. The historical average is 43.8x. This places it at the 54th percentile of its historical range.
Tanger Inc.'s current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.9x.
Tanger Inc.'s return on equity (ROE) is 16.2%. The historical average is 11.1%.
Based on historical data, Tanger Inc. is trading at a P/E of 35.5x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Tanger Inc.'s current dividend yield is 3.29% with a payout ratio of 115.2%.
Tanger Inc. has 69.7% gross margin and 30.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Tanger Inc.'s Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and data anomaly
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Value
Tanger's P/FFO has compressed from 6.42 in Q4 2025 to 6.06 in Q2 2026, despite FFO growth of 14.8% year-over-year, according to the latest quarterly data.
The declining P/FFO multiple, now at 6.06, suggests the market is not fully crediting the acceleration in FFO per share, which rose to $0.66 in Q2 2026. This compression may indicate skepticism about the sustainability of growth or a broader retail sector discount. The implied cap rate, derived from NOI and enterprise value, appears attractive relative to private market transactions, but investors should monitor whether the discount narrows as the growth trajectory matures.
NOI Margin Resilience Amid Expansion
NOI margin remained robust at 70.9% in Q2 2026, consistent with the prior year's 71.3%, as reported in Tanger's financial statements, despite a 10.6% increase in NOI.
The stability of NOI margin around 70% suggests that Tanger's property-level profitability is well-managed, even as the company expands its portfolio. The 10.6% NOI growth, driven by both acquisitions and organic leasing, indicates that FFO growth is not solely reliant on potentially dilutive external growth. However, the low gross margin of 17.73% reported in the data may reflect high depreciation or direct property expenses, warranting a closer look at the cost structure to ensure margin sustainability.
Payout Ratio Provides Comfort
The FFO payout ratio improved to 46.9% in Q2 2026 from 49.7% a year earlier, based on Tanger's reported figures, indicating a growing dividend safety margin.
With FFO per share of $0.66 and a dividend payout ratio below 50%, Tanger retains a significant portion of its cash flow for reinvestment and debt reduction. The AFFO payout ratio, though not directly provided, appears similarly comfortable given the AFFO per share of $0.31 in Q2 2026, which still covers the dividend. This suggests that the dividend is well-covered by operating cash flow, with retained cash flow supporting future growth initiatives.
Leverage Creeps Higher on Debt-Funded Growth
Debt-to-equity rose to 2.65 in Q2 2026 from 2.43 a year earlier, while interest coverage improved to 2.58, according to Tanger's balance sheet data.
The increase in leverage reflects the $1.9B debt-funded expansion, which has grown total assets by 26% year-over-year. While interest coverage of 2.58 is adequate, it remains below the 3.0 level seen in late 2025, indicating that the company's earnings buffer against higher interest costs is thinning. The reported debt-to-equity of 2.30% in Q4 2025 appears to be a data anomaly, as it is implausibly low for a REIT; investors should rely on the more consistent figures around 2.3-2.8. The debt maturity profile and fixed-rate exposure are not disclosed, but the rising leverage warrants monitoring for refinancing risk.
Occupancy and G&A Efficiency Hold
Tanger's NOI margin of 70.9% and FFO growth of 14.8% in Q2 2026, as per the latest quarterly report, suggest stable portfolio quality and efficient corporate overhead.
The stable NOI margin indicates that occupancy and rental rates are holding up, while the lean corporate overhead is reflected in the operating margin of 30.15%. However, the geographic concentration in the Eastern Seaboard and Sunbelt regions exposes the portfolio to regional economic downturns. The recent pivot toward lifestyle centers, which require higher capital intensity, may alter the cost structure and should be monitored for its impact on future margins.
P/E Misleads on Depreciation
Tanger's P/E of 39.05 is distorted by significant depreciation charges, which caused net income to lag FFO by roughly $42M in Q2 2026, as reported in the income statement.
Standard P/E is the most commonly misapplied ratio for REITs because it fails to account for the non-cash depreciation of real estate assets. For Tanger, the P/E of 39.05 appears expensive, but the P/FFO of 6.06 reveals a more reasonable valuation. Investors should use P/FFO or P/AFFO as the primary valuation metrics, and also consider the implied cap rate to assess property-level returns. The reported debt-to-equity of 2.30% in Q4 2025 is another anomaly that could mislead leverage analysis; using debt-to-gross-assets would provide a more accurate picture.